Olympus Insurance Company, one of the newer entries in the Florida marketplace, said it is offering rate decreases of up to 35 percent in northern and central Florida.

A spokesman for the Florida Office of Insurance Regulation said that Florida homeowners have on average experienced a rate decrease of 16 percent.

Since the hurricane losses of 2005 Florida has been one of five states with the highest average home insurance premiums. In January 2007, state legislation provided insurance companies with discount reinsurance and required them to pass their savings along to their customers.

Orlando, Fla.-based Olympus said it is also offering an upfront credit for newer homes. This age-of-home credit is offered because newer homes are built to strict construction standards, have yet to face any maintenance issues, and therefore pose less risk, said William Lowry, president of Olympus.

Olympus' base rate decreases apply to both new and renewal business. The lower base rates will have the greatest effect on 33 inland counties in the northern and central parts of Florida.

The company wrote its first Florida policy in August 2007, and Olympus grossed $30.5 million in premiums that year. “We are proud we could achieve so much in so little time,” said Mr. Lowry.

Olympus currently has 25,000 policyholders.